It becomes very hard to maintain one’s morale during the hard times. Hard times are part of our life. We cannot live a life which is totally free of uncertainties and ups and downs. There is no set formula during the financial crisis like this. Many times share and stock markets crash and people loss profoundly in those events but they don’t lose heart. What else one can do? I have never seen such a cryptocurrency market crash before this time because I joined this market very late but I have some experience with stock market which could be used in this market situation too.
I think when the market is crashing and everyone is selling madly, hodling is the right strategy. If one has a confidence that cryptocurrencies are not ponzi schemes, then one should also be hopeful that crypto price will also rise one day, if they had dropped considerably. It is also not profitable to sell your crypto asset much below its buying price. So, nothing can help in this situation, except positive attitude, sound patience and keen vigilance.
I think the last crypto crash was around september and october and too in 2017, we had SBD around 0.97$ and steem around 1.05$ and bitcoin around 6.5k $ as well I was definitely around on steemit but I wasn't investing much on sbd or bitcoin or ethereum as well I was only investing on steam then I managed to buy around 300 steem in september and actually sold them in early october not knowing that there will be a spike in prices around late november however around august and you july was the period when the crash was hardest then I was solely investing on a little bitcoin.
I was a novice trading in cryptocurrency around july and I only had a friend who was cheering me on too actually keep believing on the cryptocurrency even when I hadn't found steemit so I already started leaving past or living in the crash before I came to steemit but the last year crash was definitely not as worse as this year's you can only compare this year's crash with two years ago when steam was only 4 cents and bitcoin was around 2k i'm not sure now.
The fact that I was a novice in cryptocurrency made it easier for me to handle I wasn't really depending on the spike so I was only happy to invest and earned meagre amount another thing does help me survive the spike was that I had a constant job where I earned money so I only pump team more money into crypto because somebody already told me the prospects of cryptocurrency so the fact that I had a stable base of income made it easier for me to deal with the crash because I wasn't depending on the rise to immediately earn but a futuristic investments, so this helped me a lot.
Just like any price drops, to survive this apocalypse, the only way is to really survive through it is to patiently wait for everything to slowly settle. When there is an up there is a down which is known as the dip. It depends on how far the dip goes and who is able to take it. I would imagine those who have invested lots of money into Steem or any other cryptos when the prices were really high. It would be nerve wrecking to see their net worth drop down by more than half.
I have seen some individuals who have stated that they invest their whole net worth into the crypto currency. Imagine selling a house and putting everything into it and suddenly all those cash goes down.
Where money has gone I think someone has earnt it. I usually wait for the gloom and doom to come first before investing into anything. When there is gloom, that is a great to slowly put some cash. I am not sure has Steem bottomed out and if it would be time to go bottom fishing, but I think cryptos are still gonna head down for some time before erupting up like Mount everest. We better be here before the world adapts to it.
Bitcoin price always fluctuate so much in the month of November because in the month of December and January the price of Bitcoin reaches all time high level.
I am in crypto currency from last 3 years and I have a great experienced about market bearish and bullish. Due to beariah market many people start selling their Bitcoin and coins and going out of the market and so by this advantage big whales enter in the beariah market and makes the price of Bitcoin higher.
So at any situation don't be panic. If you have patient then only invest your money in Bitcoin otherwise not because investment in Bitcoin is risky.
In the last year I have having around 0.1 btc before november. But on the month of November my Bitcoin reduces to 0.06 but after 2 months my investment in Bitcoin reaches to 0.4 btc so without being panic I had earned a good profit and so I had still Bitcoin in my binance and bittrex exchange.
I was here on Steemit but was new, had other things in my mind.
When you start from scratch and have to deal with bandwidth restrictions and you live on borrowed money from Steemit, you don't worry about steem price.
I was focusing on posting quality content, engaging, learning, planning ahead and so on. I haven't invested my own money in this, the only investment here is my time, my knowledge and my photographs and drawings.
What I was earning during that time and not only, went directly to power up so I can grow my account and get rid of bandwidth restrictions.
Now it's another low for Steem and I'm also concentrating on growing my account, learning and making the best decisions I can.
You can see this as a positive thing if you can. There's a possibility of trading if you know how and when. The market is fluctuating, you can jump in and out and if you're smart, you can make a profit.